As we previously mentioned, Delaware enacted SB 13 on February 2, 2017, which was a major overhaul of its unclaimed property statute. They later amended the bill (SB 13) in June. This legislation and ensuing adopted regulations will have a major impact on holders:
• Companies who are currently undergoing an audit by the State as of July 22, 2015, have the option to convert their audit to a VDA.
• Companies who were undergoing an audit as of February 2, 2017 may convert to an accelerated audit.
• Companies also have the option to continue in the current audit process.
• Companies electing to convert an audit to a VDA must do so by DECEMBER 11, 2017.
If your company is currently under audit by Delaware, it is important to research the audit status and issues to determine the best course of action as there are pros and cons to each option. Do not delay, as time is running out.
Contact the experts at UPCR for a free consultation as to the most effective and efficient plan for your company.